Fed Chief Powell owned securities Central Bank was buying during Covid relief program
Fed Chief Powell OWNED Securities Central Bank Was BUYING During Covid Relief Program (Report)
Federal Reserve Chairman Jerome Powell held between $1.25-$2.5mn of municipal bonds in family trusts, which he is said to have no control of.
The Fed bought $21.3bn in munis last year – INCLUDING one from the state of Illinois purchased by his family trust in 2016, CNBC declared on Friday.
The news comes after a public outcry about Federal Reserve officials owning and trading individual securities.
Powell ordering a review of ethics rules for the central bank just 24 hours before CNBC’s revelation aww q q!
A Fed ethics officer told CNBC that the holdings did not violate govt rules – although the central bank’s code of conduct states officials “should be careful to avoid any dealings or conduct that might convey an appearance of conflict.”
